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The Independent UK
The Independent UK
National
Via AP news wire

How the Fed's steep rate hikes stand to affect your finances

Copyright 2022 The Associated Press. All Rights Reserved.

Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though.

Yet as the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.

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